Ted Rossman

speaker

196 appearances 4 recordings 1 series first heard Dec 2018 last heard Apr 2020

Ted Rossman’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Millions Hide Money, Accounts From Spouses · 25 Jan 2019 podcast

Or if you tend to notice something out of the ordinary with their wardrobe, their spending habits, their checking the mail habits, these are all reasons to dig a little bit deeper.

Thanks for having me.

WSJ Your Money Briefing · Parents Would Give $5,000 to a Child in Debt · 27 Dec 2018 podcast

I was really surprised how generous parents were in this survey.

We found that on average, parents would give their kids about $5,700 to help them out of debt, even if they didn't expect to get their money back.

And if they did expect to get paid back, that number shot up to closer to $8,000.

It's just a staggering amount of generosity, especially in the face of other studies.

Like the Federal Reserve, for example, has reported that 40% of Americans are unable to afford a $400 emergency expense.

So it just makes me wonder where this $5,000, $6,000, $8,000 to bail their kids out of debt is coming from.

That's right.

And this was the biggest change from our recent study, hearkening back to the last time we did it in 2009.

Back in 2009, there was a lot of stigma with credit card debt.

28% of parents back then said, no way, we're not going to help.

And now that number's down to 16%.

And I think it really shows that people realize now that simply having credit card debt doesn't mean that you were irresponsible and you went on a big shopping spree online or at the mall.

I mean, I suppose it could be, but it could also be, as you were saying, that life crops up.

We see that there can be a spillover effect from other types of debt and just everyday living expenses that go on credit cards.

And if you can pay the bill in fall, that's great.

You should put those things on a credit card because you can maximize the rewards.

But with the average credit card rate over 17% now, and that's the highest we've ever seen in our database that goes back to the 80s, if you can't pay that bill in fall, there's no sense putting stuff on credit and hoping to earn the rewards because the interest rate will just far outweigh the rewards.

Yeah, I think that a lot of times parents have sort of a do as I say, not as I do mentality.

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